PRD Hobart

493 Main Rd, Montrose TAS

03 6273 5555

PRD New Norfolk

40 High St, New Norfolk TAS

03 6261 2555

PRD Hobart City

141 Murray St, Hobart TAS

03 6231 0400

Glenorchy Property Factsheet 1st Half of 2019

Q4 2018 saw Glenorchy record a median house price of $393,500, and a median unit price of $237,500. This represents an annual (Q4 2017 – Q4 2018) price change of 6.4% and -13.9% for houses and units respectively. By comparison, the 2nd Half 2018 Glenorchy Property Factsheet reported an annual (Q2 2017 – Q2 2018) price growth of 22.6% for houses and of 3.7% for units. Property in Glenorchy has thus become comparatively more affordable, with houses seeing a more sustainable level of growth and units seeing some cooling in median price. That said, this sudden shift in median unit price is in part reflective of a small sales pool, which can naturally result in larger price movements.

Average vendor discounting tightened for houses in Q4 2018 to +3.1%. This suggests that the market still favours sellers, however the average premium added to the initial first list price to achieve a sale is reducing. In contrast, average vendor discounting for units has now shifted away from the seller to narrowly favouring buyers, at -0.7%. Buyers are thus able to negotiate slightly below the initial list price to secure units.

The 12 months to Q4 2018 saw median house rents in Glenorchy grow by +7.9% to $410 per week, and median unit rents grow by +9.2% to $328 per week. Very low vacancies of 0.2% (as of December 2018) show high rental demand in Glenorchy. Combined with strong rental yields of 5.8% (house) and 6.0% (unit) this creates a market well-suited for investment.